BTCUSDT is showing quite negative signals on the 12H timeframe after completely breaking out of the descending price channel and losing the crucial support zone around 67,000 USDT. Currently, the price is trading below the entire Ichimoku cloud structure, while the Chikou Span remains below the price, indicating that bears are still in control of the medium-term trend.
Technically, the breakdown from the price channel that has lasted since the beginning of May is not just a typical bearish signal but also confirms the failure of demand in the 80,000–82,000 USDT region. After the 67,000 support was breached, this area is likely to become new resistance if a technical rebound occurs.
Fundamental factors are also putting pressure on Bitcoin. Reuters reported that Bitcoin just fell to its lowest level in over three months as capital continues to withdraw from spot Bitcoin ETFs. Furthermore, high US bond yields and expectations of a cautious Fed monetary policy are driving speculative capital away from risky assets like crypto. Meanwhile, geopolitical tensions and rising oil prices are also making market sentiment more defensive.
From the current perspective, the 66,500–67,000 USDT range is the nearest resistance level that sellers need to defend. If BTCUSDT fails to recover above this area, it is highly likely that the price will continue its downward trend towards the psychological support zone of 58,000 USDT as shown on the chart.
Bearish Scenario
Price rebounded to test the 66,500–67,000 USDT zone but was rejected.
Sellers continue to control the market.
Next target: 60,000 USDT and further to 58,000 USDT.
Technically, the breakdown from the price channel that has lasted since the beginning of May is not just a typical bearish signal but also confirms the failure of demand in the 80,000–82,000 USDT region. After the 67,000 support was breached, this area is likely to become new resistance if a technical rebound occurs.
Fundamental factors are also putting pressure on Bitcoin. Reuters reported that Bitcoin just fell to its lowest level in over three months as capital continues to withdraw from spot Bitcoin ETFs. Furthermore, high US bond yields and expectations of a cautious Fed monetary policy are driving speculative capital away from risky assets like crypto. Meanwhile, geopolitical tensions and rising oil prices are also making market sentiment more defensive.
From the current perspective, the 66,500–67,000 USDT range is the nearest resistance level that sellers need to defend. If BTCUSDT fails to recover above this area, it is highly likely that the price will continue its downward trend towards the psychological support zone of 58,000 USDT as shown on the chart.
Bearish Scenario
Price rebounded to test the 66,500–67,000 USDT zone but was rejected.
Sellers continue to control the market.
Next target: 60,000 USDT and further to 58,000 USDT.
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Signals & setups to boost your edge
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👉t.me/+aoROTvcQl3k4MzA1
Signals & setups to boost your edge
Free trading plans to follow
Real-time market insights
Verbundene Veröffentlichungen
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.